The first month of 2026 is already behind us, with plenty happening across the world and on financial markets 🌍📈
In this recap, we break down what moved the markets last month. How did the major indexes perform? How did our portfolios do? Which stocks held up best, which ones underperformed, and what moves did we make along the way?
Dive into our January Recap below 👇
📢 Our February Best Buys are coming early next week 🎯 — keep an eye on your inbox 👀
What Moved the Markets in January?
January was filled with geopolitical headlines. Venezuela’s president, Nicolás Maduro, was taken into custody, and tensions around Iran increased. Donald Trump once again raised the idea of the United States taking control of Greenland and clashed with the European Union about it. These events added uncertainty to the markets at the start of the year.
In the markets, sectors moved in very different directions. Semiconductors had a strong month. Earnings from ASML and TSMC came in better than expected and confirmed that demand for AI chips remains strong. Software stocks were under pressure. Many investors worry that AI could change how software companies make money and make some products easier to replace. This concern grew after Anthropic launched Cowork, showing how quickly new AI tools can reach the market.
Stocks like Microsoft and ServiceNow had a very tough month. In Microsoft’s case, Azure growth came in at 39%, slightly lower than the 40% seen in the previous quarter. Investors also focused on how much of Microsoft’s future revenue depends on OpenAI. That led to a sharp drop after earnings. Other software stocks moved lower as well, showing that sentiment in the sector is still weak.
January was also a strong month for memory and storage companies. These stocks jumped sharply as investors saw how important memory chips are for AI. Micron rose 41%, SK Hynix gained 39%, Western Digital climbed 42%, and SanDisk reported blowout earnings, surging 140% in January.
There were also a few important milestones. Alphabet overtook Apple in market value, becoming the world’s second-largest company behind Nvidia. We also saw several moves in agentic AI. ServiceNow expanded partnerships with OpenAI and Anthropic, Shopify launched agentic commerce, Alphabet worked more closely with Nvidia, and PayPal acquired Cymbio to strengthen its position in agentic commerce.
Finally, gold and silver had a wild month. Both started the year strongly, with gold rising to nearly $5,600 per ounce and silver to $121. Last Friday, prices dropped sharply, with gold falling 11% to around $4,900 and silver down more than 30% to roughly $80, showing how quickly markets can change.
How did the three major indexes react to all these developments? Here’s a quick look at their market performance in January:
S&P 500: +1.4% 📈
Nasdaq: +1.0% 📈
Dow Jones: +1.7% 📈
Portfolio Performance: How Did We Do?
How did our portfolios perform in January?
Let’s take a closer look at how we compare to the S&P 500, Nasdaq, and Dow Jones, plus our best performers and the moves we made this month.
Exclusively for our premium members ✨
🔥 Upgrade now to paid and get 25% off!
Unlock full access to this Portfolio Review, our Top 10 Picks 2026, our Portfolios, our monthly Best Buys, all Deep Dives — plus 375+ premium articles. Instant access ✅